C385-.I 
flBl»n3 


Of  tljE 

®mbersJitpofigortfj  Carolina 


Cnbotoefc  fcp  t!Dfje  dialectic 

anb 

"Pfnlantijroptc  H>octetteg 


0«PR?§& 


8061  '12  OT'lVd 
'A  'M  'asnoBJis 

•soict  morXeA 


Ho.  Doc.  No.  6.] 


[Ses.  1854^'5&. 


A  BILL 


TO    AMEND    AN    ACT   ENTITLED 


AN  ACT  TO  INCORPORATE  THE  ATLANTIC  AND 
NORTH  CAROLINA  RAILROAD  COMPANY, 


THE  "NORTH  CAROLINA  AND  WESTERN  RAII 
ROAD  COMPANY." 


RALEIGH; 

W.  W.  HOLDEN,  PRINTER  TO  THE  STATU 
1854. 


[Introduced  by  Mr.  Green. — Passed  first  reading,  ordered 
to  be  printed,  and  referred  to  the  Committee  on  Internal  Im- 
provements.    November  27,  1854.] 


A  BILL 


TO  AME^NTD  AN  ACT  ENTITLED  AN  ACT  TO  IN- 
CORPORATE THE  "ATLANTIC  &  NORTH  CAR- 
OLINA RAILROAD  COMPANY,"  &  THE  "NORTH 
CAROLINA  AND  WESTERN  RAILROAD  COM- 
PANY." 

Sec.  1.  Be  it  enacted  by  the    General  Assembly  of 

2  the  State  of  North  Carolina,  and  it  is  hereby  enacted  by 

3  the  authority  of  the  same,  That  (he  Act  incorporating 

4  the  "Atlantic  and  North  Carolina  Railroad  Company," 

5  be  and  the  same  is  hereby  amended  in  the  following  par- 

6  ticulars,  (a  majority  of  the  Stockholders  in  general  meet- 

7  ing  concurring,)  to  wit  :     The  capital  stock  of  said  Com- 

8  pany,  Atlantic  and  North   Carolina  Railroad   Company, 

9  shall  be  twelve  hundred  thousand  dollars. 

Sec.  2.    Be  it  further  enacted,  That  that  the  said 

2  Company  at  any  time  may  increase  its  capital  to  a  sum 

3  sufficient  to  complete  said  road,  not  exceeding 

4  dollars,  by  opening  books  for  new  stocks  or  selling  such 

5  new  stock,  or  by  borrowing  money  on  the  credit  of  the 

6  Company  and  on  the  mortgage  of  its  charter  and  works  ; 

7  and  the  manner  m  which  the  same  shall  be  done  in 

8  either  case,  shall  be  prescribed  by  the  Stockholders  at  a 

9  general  meeting. 

Sec.  3.  Be  it  further  enacied,  That  the  affairs  of  the 

2  Company  shall  be  managed  and  directed  by  a  general 

3  Board,  to  consist  of  twelve  Directors,  eight  of  whom  shall 

4  be  appointed  annually  by  the  Governor,  by  and  with  the 

5  advice  and  consent  of  the  Council  of  State,  and  may 


6  be  removed  in  like  manner,  and  to  be  elected  by  the 

7  Stockholders  at  their  general  meeting,  provided  no  one 

8  but  a  bona  fide  Stockholder  shall  serve  as  a  Director. 

Sec.  4.  Be  it  further  enacted,  That  in  all  elections 

2  and  upon  all  questions  taken  in  any  general  meeting  of 

3  the  Stockholders,  in  which  a  vote  by  stock  may  he  had, 

4  the  vote  shall  be  taken  according  to  the  following  scale  : 

5  The  owner  of  one  or  two  shares  shall  be  entitled  to  one 
G  vote  ;  the  owner  of  not  less  than  three  nor  more  than 
7  four  shares,  shall  be  entitled  to  two  votes  ;  the  owner  of 
S  not  less  than  five  nor  more  than  six  shares,  shall  be  enti- 

9  tied  to  three  votes  ;  the  owner  of  not  less  than  seven 

10  shares  nor  more  than  eight  shares,  to  four  votes  ;  the 

11  owner  of  not  less  than  nine  nor  more  than  eleven  shares, 

12  to  five  votes  ;  the  owner  of  not  less  than  twelve  nor  more 

13  than  fifteen  shares,  to  six  votes  ;  the   owner  of  not  less 

14  than  sixteen  shares  nor  more  than  twenty  shares,  to  seven 

15  votes  ;  the  owner  of  not  less  than  twenty-one  nor  more 

16  than  twenty-six  shares,  to  eight  votes  ;  the  owner  of  not 
IT  less  than  twenty-seven  shares  nor  more  than  thirty-three 

18  shares,  to  nine  votes  ;  the  owner  of  not  less  than  thirty 

19  four  shares  nor  more  than  forty  shares,  to  ten  votes  ;  and 

20  the  owner  of  every  ten  shares  above  forty,  shall  be  enti- 

21  tied  therefor  to  one  vote  ;  provided  that  no  individual  or 

22  company  holding  stock  in  said  Company,  shall  be  enti- 

23  tied  to  more  than  two  hundred  votes,  except  the  State, 

24  who  shall  be  entitled  to  three  hundred  votes  ;  but  should 

25  the  State  hereafter  transfer  any  part  of  its  stock,  then  it? 

26  vote  shall  be  in  the  proportion  of  what  may  be  retained, 

27  as  compared  wTith  the  amount  now  represented  in  said 

28  corporation  ;    the   State  shall,   at  general    meetings   of 

29  the  Stockholders,  be  represented  by  an  agent  or  proxy 

30  appointed  by   the  Governor  ;  and  such  agent  or  proxy 

31  shall  be  entitled  in  the  general  meetings  aforesaid,  to  vote 


43 


32  according  to  the  above  scale  on  all  questions,  except  in 

33  the  election  of  Directors,  by  the  individual  Stockholders, 

Sf.c.  5.  Be  it  further  enacted,  That  whenever  it  shall 

2  appear  to  the  Board  of  Internal  Improvements  of  this 

3  State,  by  a  certificate  under  the  seal  of  said  Company, 

4  signed  by  the  Treasurer  and  countersigned  by  their  Pres- 

5  ident,  that  one-third  of  the  capital  stock  of  said  Company 

6  has  been  subscribed  for  and  taken  ;  and  that  at  least  two 

7  hundred  thousand  dollars  of  said  stock  has  been  paid 
S  into  the  hands  of  said  Treasurer  of  said  Company  ;  the 
9  said  Board  of  Internal  Improvements  shall  be  author- 

10  ized  and  required  to  subscribe  on  behalf  of  the  State  for 

11  stock  in  said   Company  to  the  amount  of  eight  hundred 

12  thousand  dollars  to  the  capital  stock  of  said  Company  ; 

13  and  the  subscription  shall  be  paid  in  the  following  man- 

14  ner,  to  wit:  The  one-fourth  part  as  soon   as  the  said 

15  Company   shall    commence  work,  and  one-fourth  pail 

16  thereof  every  six  months  thereafter,  until  the  whole  sub- 

17  scription  in  behalf  of  the  State  shall  be  paid  ;  provided 

18  the  Treasurer  and  President  of  Baid  Company  shall,  be- 

19  fore  they  receive  the  aforesaid  instalments,  satisfactorily 

20  assure  the  Board  of  Internal   Improvements,  by  the  cer- 

21  tificate,  under  the  seal  of  the  said  Company,  that  an 

22  amount  of  the  private  subscription  has  been  paid  in  equal 

23  proportion  to  the  stock  subscribed  by  the  State. 

Sec.  6.  Be  it  further  enacted,  That  if  in  case  the 

2  present  Legislature  shall   not  provide  the  necessary  and 

3  ample  means  to    pay  (he  aforesaid  instalments  on  the 

4  stock  subscribed  for  on  behalf  of  the  Stale  as  provided 

5  for  in  the  fifth  section  of  this  Act,  and  in  that  event  the 

6  Board  of  Internal  Improvements  aforesaid  are   hereby 

7  authorised  and  empowered  lo  borrow  on  the  credit  of  the 

8  Slate,  not  exceeding  eight  hundred  thousand  dollars,  as 

9  the  same  may  be  reduced  by  the  requirements  of  this  act. 


44 


Sec.  7.  Be  it  further  enacted,  That,  if  in  case  it  shall 

2  become  necessary  tomorrow  the  money  by  this  act  author- 

3  ised,  the  public  Treasurer  shall  issue  the  necessary  certi- 

4  ficates  with  coupons  attached  ;  the  said  certificates  to  be 

5  signed  by  himself  and    countersigned  by  the    Comptrol- 

6  ler,  and  the  coupons   shnll  be   signed  by  the  Treasurer, 

7  the  said  certificates  shall  be  issued  in  sums  not   less  than 

8  one  thousand    dollars  each,    pledging  the  State   for  the 

9  sum  therein    mentioned  with  interest  thereon  at  the  rate 

10  of  interest  not  exceeding  six   per  cent  per  annum,  paya- 

11  ble  semi-annually,  at  such  times  and  places  as  the  Trea- 

12  surer   may  appoint — the  principal  of  which    certificates 

13  shall  beredeemable  at  the  end  of  thirty  years  from  the 

14  time  the  same  are  issued  ;  but  no  greater  amount  of  such 

15  certificates   shall  be  issued  at  any  one  time  than  may  be 

16  sufficient   to  meet  (he   instalment  required  to  be  paid  by 

17  the  State  at  that  time. 

Sec.  8.  Be  it  further  enacted ,  That  the    Comptroler 

2  shall  register  the  said    certificates  at  large  in  a  book  to  bo 

3  by  him  kept  for  that  purpose,  at  the  time  he  countersigns 

4  the  same  ;  and  when  he  delivers  the  same  to  the  public 

5  Treasurer,  he   shall    charge  him  in    his  books  with  the 

6  amount  thereof,  and  also  with  all  such    sums,  if  any,  as 

7  the  public  Treasurer  may  obtain  by  way  of  premium  on 

8  the  sale  of  the  said  certificates,  on  account  of  which  the 

9  public  Treasurer  shall  render  to  the  Comptroller  so  soon 

10  as  negotiations  from  time  to  time  for  the  sale  of  said  cer- 

1 1  tificates  are  closed. 

Sec.  9.  Be  it  further  enacted,  That  if  it  shall  become 

2  necessary  to   issue  the    certificates   aforesaid,  the   public 

3  Treasurer  shall  advertise  in  one  or  more    newspapers,  as 

4  he  may  think   best,  and  invite   sealed  proposals  for   such 

5  amount  of  the  aforesaid  sum  of  eight  hundred  thousand 

6  dollars  as   may  be  wanted  at   any  one  time,  and  it  shall 


45 


7  be  his   duty    to    accept   those  terms  which  may  be  most 

8  advantageous  to  the    State,  provided,  that   in  no  event 

9  shall  any  of  the   said    certifkaes  be   sold  for  less   than 

10  their  par  value,  and  any  premium  which  may  be  obtain- 

11  ed  on  the  sale  of  said    certificates   shall  be  placed  in  the 

12  public  Treasury,  and  used  as   other  public  funds  in    the 

13  payment  of  interest  on  the  debt  hereby  created. 

Sec.  10.  Be  it  further  enacted,  That  as  security  for 

2  the  redemption  of  said  certificates  of  debt,  the  public  faith 

3  of  the  State  of  North  Carolina   is  hereby  pledged  to   the 

4  holders   thereof,    and    in  addition  thereto   all  the   stock 

5  held  by  the  State   in  "  The    North    Carolina  Rail  Road 

6  Company"  hereby  created  shall  be  pledged  for  that  pur- 

7  pose  ;  and  any  devidends  of  profit,  which  may  from  time 

8  to  time  be  declared  on   the  stock  held  by  the  State  as  af- 

9  foresaid  shall  be  applied   to  the  payment  of  the    interest 

10  accruing  on  said  certificates  ;  but  until  such  dividends  of 

11  profit  may  be  declared,  it  shall    be  the  duty  of  the  Trea- 
ts surer,  and  he  is  hereby  authorised  and  directed  to  pay  all 

13  such  interest  as  the  same  ma)7  accrue   out  of  any  monies 

14  in  the  Treasury  not  otherwise  appropriated. 

Sec.  11.  Be  it  further  enacted,  That  the  certificates 

2  of  debt,  hereby  authorized  to  be  issued,  shall  be  transfer- 

3  able  by  the  holders  thereof,  their  agents  or  attorneys  pro- 

4  perly  constituted,   in    a    book    to  be   kept  by  the  Public 

5  Treasurer  for  that  purpose  ;  and,  in  every  instance  when 

6  a  transfer  is  made,  the  outstanding  certificate  shall  be  sur- 

7  rendered  and  given  up  to   the  Public  Treasurer,  and  by 

8  him  cancelled,  and  a  new  one,  for  the  same  amount,  is- 

9  sued  in  its  place  to  the  person  to  whom  the  same  is  trans- 
10  fe.red. 

Sec.  12.  Be  it  further  enacted,  That  the  following 

2  officers  and  servants  and  persons,  in    (he  actual  employ- 

3  ment  of  the  said   Company,  are   hereby   exempted  from 


46 


4  tbe  performance  of  jury  and  ordinary  militia  duty  :  The 

5  President  and  Treasurer  of  the  Board  of  Directors  and 

6  Chief  and  Assistant  Engineers,  the  Secretaries  and  Ac- 

7  countants  of  the  Company,  keepers  of  the  depositories. 

8  guard  stationed  on  the  road  to  protect  it  from  injury,  and 

9  such  persons  as  may  be  working  the  locomotive  engines, 

10  and  travelling  with  the  cars  for  the  purpose  of  attending 

11  to  the  transportation  of  produce,  goods  and  passengers  on 

12  the  road. 


Sec.  13.  Be  it  further  enacted,  That  the  Directors  to 
2  be  appointed  by  the  Governor  and  Council  shall  not  en- 
o  ter  upon  their  duties,  as  members  of  the  Board  of  Direc- 

4  tors,  before  the  next  Annual  Meeting  of  the  Stockholders 

5  after  the  subscription  made  by  the  State  in   the  manner 
f>  by  this  act  prescribed . 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071854 

FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


